Luxury Real Estate in France – Unique property fetches a King’s ransom

Whilst the Wall Street journal is predicting more doom and gloom for Manhattan luxury real estate following the Lehman Brothers fall, a new record sale has been made across the Atlantic, in the south of France.

Le Grand Jardin, Ile Sainte Marguerite

Indian billionaire Vijay Mallya has purchased a unique piece of luxury real estate on the Island of Sainte-Marguerite, the largest of the four islands of Lérins., two of which are uninhabited. The property is known as “Le Grand Jardin,” or “The Grand Garden.”

Price – between €37 million and €43 million ($53-61 million US)

Apparently, the only thing keeping the price from being more astronomical was the lack of a private dock. Competition to purchase the property was fierce, mostly from celebrities and Russian billionaires, but Nice Matin is suggesting Mr. Mallya was the winning bidder thanks to his “special,” relationship with the French government and the fact that his airline, Kingfisher, is one of the first customers of EADS-Airbus. No comment.

Île Sainte-Marguerite is perhaps the most attractive real estate on the French coast, and one of her claims to fame is the fortress where The Man in the Iron Mask was held prisoner for a time. The Fort Royal is now open to the public and is a popular tourist destination, with a regular ferry running across from Cannes.

Fort Royal, Ile Saint Marguerite

The property itself, Le Grand Jardin, is the only piece of private property in the heart of the island. The property has been for sale since 1990 but because of the history, a special arrangement was needed to allow the sale. The property is actually an asset of “Claude Muller Investment SARL,” a real estate business. Mr. Mallya has made a commitment to continue to run the business as a going concern.

Le Grand Jardin (the name may not be changed) is a large green garden named “Le Jardin du Roi,” or “Garden of the King,” with three houses: the Governor’s House, the House of Métayers and La Tour – all surrounded by a wall that was built on the orders of Cardinal Richlieu.

Certainly, a King’s ransom was paid.